As Queensland approaches its next election, the Australian Consumers Insurance Lobby Inc (ACIL), previously known as the Northern Australia Insurance Lobby, is intensifying its campaign for insurance affordability. Central to this effort is the advocacy for Stamp Duty reforms, with a particular emphasis on addressing the pressing challenges faced by residents in North Queensland.
Cyclone Insurance Crisis in North Queensland
North Queensland is currently under extreme financial pressure due to the high costs associated with cyclone insurance. The region's cyclone reinsurance pool, aimed at mitigating these costs, has not delivered the expected relief to consumers. This issue is of paramount importance as speculation grows that the outcome of the Queensland election could hinge on the North Queensland seats. Given its roots and extensive network in the region, ACIL is in a strategic position to leverage this critical moment for substantial insurance reform.
ACIL’s Advocacy and Dialogue for Reform
ACIL has actively engaged with Queensland Treasury representatives and key opposition MPs, including David Janetzki (Shadow Treasurer) and Tim Nicholls (Former Treasurer and Shadow Attorney-General), to push forward the case for Stamp Duty abolition. These discussions highlight the necessity for more persuasive efforts to convince political leaders of the benefits that such reforms would bring to the consumers, especially in high-risk areas like North Queensland.
ACIL is planning a series of initiatives aimed at fostering collaboration between consumers, the insurance industry, and policymakers to ensure that Stamp Duty reform remains a key priority. This collaborative approach seeks to address the financial burdens placed on consumers by current taxation practices on insurance premiums.
Policy Recommendations for a Resilient Future
ACIL proposes two potential solutions for addressing insurance affordability in Queensland:
Abolition of Stamp Duty: Eliminating Stamp Duty on insurance would provide immediate cost of living relief for Queenslander, stimulate economic activity, and provide fairer tax treatment for insurance consumers.
Mitigation and Resilience Funding: By investing in mitigation efforts, Queensland can enhance the affordability and accessibility of insurance, making communities more resilient to disasters.
A Call to Action for Queensland’s Elected Representatives
With the unique challenges faced by North Queensland as a backdrop, ACIL urges policymakers to consider the proposed reforms seriously. As the election draws near, there is a timely opportunity to address these pressing issues, offering a path to greater affordability, fairness, and resilience for the people of Queensland, especially those in cyclone-prone North Queensland.
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ACIL, with its deep roots in Northern Australia and a strong connection to the affected communities, is poised to lead these advocacy efforts, aiming to bring about significant change in the insurance landscape to benefit all Queenslanders. The organisation's history and experience in advocating for insurance reform in high-risk areas positions it as a key voice in the debate over Stamp Duty reform. The pressing need for action is underscored by the unique vulnerabilities of Queensland, making the case for reform not just an economic argument, but a matter of ensuring the safety and financial stability of its residents.
ACIL is open to speaking with any politician interested in discussing the impact of the cost of living on insurance and reforms in stamp duty.
ACIL has released a new flyer detailing arguments for stamp duty reform and featuring consumer stories. Click here to view:
